Cohig had merged with GCAP which owned part of WMP Bank AG which changed its name to General Commerse Bank AG which was Khashogi's Boiler Room Bank which was just raided by FBI. Regis Possino ran the banks daily affairs, which is not surprising because he is a criminal. This is from todays SEC digest;
IN THE MATTER OF EDWARD BRACKEN
On November 20, the Commission issued an Order Making Findings And
Imposing Remedial Sanctions against Respondent Edward Bracken (Order).
Bracken was formerly employed as a registered at a Solana Beach,
California branch office of Cohig & Associates, Inc., a broker-dealer
firm based in Denver, Colorado. The Order finds that on January 26,
2000, based upon a guilty plea, Bracken was convicted of one count of
conspiracy to commit securities fraud (U.S. v. Edward Bracken, No. CR-S-
97-022-LDG, D. Nev.). The Order finds that, in the plea agreement,
Bracken admitted that, while associated with Cohig, Bracken conspired
with others, including Michael Swan (Swan), then the president of
Teletek, Inc., a publicly held company whose stock was traded in the
U.S. over-the-counter markets, to receive undisclosed payments in return
for selling Teletek stock to investors. The Order further finds that,
in his plea agreement, Bracken admitted that he failed to disclose this
extraordinary compensation to investors. The Order further finds that,
in his plea agreement, Bracken admitted that the customers who bought
Teletek stock from various brokers at Cohig who were bribed in the
course of the conspiracy lost approximately $130,000 on their purchases
of Teletek stock. Based upon the above, the Commission barred Bracken
from association with any broker or dealer. (Rel. 34-45084; File No. 3-
10603) |
